Investment Rating - The report suggests a positive outlook for the industrial software sector in China, indicating a potential for significant growth and investment opportunities [1]. Core Insights - The industrial software sector is seen as crucial for China's manufacturing industry, which has gained substantial global influence. The report emphasizes the need for China to leverage its existing industrial capabilities while addressing its weaknesses to achieve self-sufficiency in industrial software [1]. - Historical experiences from overseas firms highlight the importance of integrating industrial knowledge with software technology to dominate the market. This model is recommended for Chinese firms to follow [1]. - The report identifies a clear trend towards "domestic substitution" in response to foreign technology restrictions, suggesting that Chinese companies are increasingly focusing on developing their own industrial software solutions [1]. Summary by Sections 1. Definition and Global Landscape of Industrial Digital Software - Industrial software is defined as the "brain and nerve" of industrial manufacturing, covering all aspects from research and design to production management and process control [6]. - The software is categorized into several types, including research and design software (e.g., CAD, CAE), production control software, business management software, and embedded software [6][7]. 2. Initial Thoughts on China's Industrial Software Development - China's industrial software sector faces dual pressures from domestic limitations (e.g., funding and experience) and foreign technology restrictions [12]. - The report notes that 80% of industrial software in China is dominated by foreign companies, highlighting the need for self-sufficiency [13]. 3. Development of China's Industrial Software: Leveraging Strengths and Addressing Weaknesses - The report emphasizes the importance of utilizing China's substantial industrial base, which accounted for approximately 30% of global industrial value added in 2023 [26]. - It suggests that China should focus on enhancing its supply and demand capabilities to foster the growth of its industrial software sector [26]. 4. Investment Recommendations - The report identifies several companies as potential investment targets in the industrial software space, including Giken Electronics, BGI, and others, indicating a growing market for domestic software solutions [1].

东吴证券研究所提醒您本次电话会议仅面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资者分析师上午好,我是东欧金圈的技术分析师黄细蕾,非常感谢大家能够参加今天长期车的局位产销的DNA会会。那么昨天我们也看到了公司公告的局位数据是非常亮眼的。 今天我们很高兴邀请到AI白宇和白总来和我们交流 长期设当前A股和H股的这个投资机会吧我们是持续重点的一个推荐那么本届会议的话我们分为两部分吧先邀请的是白宇总跟我们整体分享一下对九月数据质变的一个真正解读那么待会更多时间留给大家做问答白宇总那我先把时间交给您好感谢黄总尊敬的各位股东各位投资者大家早上好 我是长城汽车的白宇,欢迎大家来参加长城汽车九月的销量电话会,也非常感谢东吴证券的黄总还有杨卉冰总组织本次会议。下面我先向大家汇报一下公司九月的销量情况,之后我再来回复大家的提问。 10月1号公司发布了2020年9月的销量数据9月长城汽车销售的新车108398辆环比也是增 ...

Investment Rating - The report recommends a positive outlook on the electronic industry, highlighting specific companies for investment opportunities [3]. Core Insights - Meta's release of the AR glasses Orion is expected to lead a new trend in the industry, combining AI and AR technologies for enhanced user experience [3][19]. - Micron's FY24Q4 performance exceeded expectations, driven by a surge in demand for storage chips due to AI, with revenues reaching $7.8 billion, a 93% year-on-year increase [3][40]. - The demand for TV panels continues to weaken, while storage prices remain stable, indicating a mixed outlook for the display market [3][33]. Summary by Sections Key Company Earnings Forecasts - Guanghong Technology: EPS 0.68 (2024E), PE 32 - Huaqin Technology: EPS 2.98 (2024E), PE 17 - Nanchip Technology: EPS 0.83 (2024E), PE 36 - Yongxi Electronics: EPS 0.05 (2024E), PE 382 - Xingsui Technology: EPS 1.16 (2024E), PE 16 - Sitwei: EPS 0.76 (2024E), PE 64 - Zhongjing Technology: EPS 0.32 (2024E), PE 100 - Jingfeng Mingyuan: EPS -0.11 (2024E), PE not applicable - Gekewei: EPS 0.09 (2024E), PE 140 - Jinghe Integration: EPS 0.33 (2024E), PE 47 - Huahong Company: EPS 1.11 (2024E), PE 29 - Woge Optoelectronics: EPS -0.18 (2024E), PE not applicable [2]. Industry Overview - In H1 2024, China's AR/VR shipments reached 233,000 units, with a year-on-year decline of 29.1%. The AR segment saw a significant increase of 101.7% [5]. - Global wearable device shipments are projected to grow by 6.1% in 2024, reaching 537.9 million units, driven by economic recovery and market refresh cycles [6]. - The US PC market is expected to grow by 6% in both 2024 and 2025, with strong demand for laptops [8]. Market Trends - Meta's introduction of the Quest 3S VR headset aims to penetrate the entry-level consumer market, with prices starting at $299 [16]. - The AR glasses Orion feature a lightweight design and advanced interaction capabilities, indicating a shift towards more integrated wearable technology [19]. - Micron's strong performance in the storage sector is attributed to the increasing demand for high-bandwidth memory and SSD products, with expectations of significant revenue growth in the coming years [40].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating an expectation for the sector to perform better than the market overall [1]. Core Views - The market sentiment remains optimistic due to policy stimuli, stable exchange rates, and positive expectations regarding U.S. interest rate cuts. This has led to increased trading volumes and market fluctuations, with broker valuations expected to continue recovering [1][5]. - The report highlights the potential for mergers and acquisitions among state-owned brokerages, particularly following Guotai Junan's announcement to acquire Haitong Securities, which exceeded market expectations [1]. - The insurance sector is experiencing a recovery in valuations, driven by cost reduction efforts and improvements in the fundamental outlook, particularly in life insurance reforms and real estate sales [1][5]. Summary by Sections 1. Main Views - The report notes significant increases in major indices, with the CSI 300 Index rising by 15.7% and the brokerage index by 25.6% over the past week. The insurance index also showed a notable increase of 17.69% [4]. - Internationally, geopolitical tensions, such as the Russia-Ukraine conflict and the ongoing Israel-Palestine situation, continue to affect market sentiment [4]. - Domestic policies supporting capital market development have bolstered market confidence, leading to a recovery in real estate sales and an increase in new stock accounts among younger investors [4][5]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently undervalued, with key recommendations including China Ping An, which reported a net profit of 74.619 billion yuan for H1 2024, a 6.8% increase year-on-year [7]. - Other recommended companies include China Pacific Insurance and New China Life Insurance, with a focus on their improving fundamentals and market positions [7]. 2.2 Brokerage Sector - The report emphasizes the potential of mid-sized securities firms benefiting from market activity, recommending companies like East Money and Zhejiang Securities [10]. - It also highlights the importance of leading brokerage firms with diversified revenue structures, suggesting stocks like Huatai Securities and China Galaxy Securities for their recovery potential [10]. - Platform companies such as Tonghuashun and Wealth Trend are also recommended, despite some recent declines in their performance metrics [10].

Investment Rating - The report maintains a "Buy" rating for several companies in the telecommunications sector, including Tianfu Communication, Hongrida, China Mobile, China Telecom, and Chunzong Technology [2]. Core Insights - The report highlights the upcoming launch of Robotaxi and the acceleration of AR glasses commercialization, indicating a positive outlook for related industry investments [3][6]. - Meta's recent developer conference introduced new products, including the Quest 3S headset and advanced AR glasses, which are expected to drive growth in the AR industry [15][19]. - The report emphasizes the potential of AR glasses as a significant consumer electronics hardware category, alongside smartphones and tablets, under the leadership of major players like Meta [16][27]. - The anticipated launch of Robotaxi by Tesla is expected to enhance the development of Full Self-Driving (FSD) technology, with a focus on market expansion and the evolution of L3-L5 autonomous driving capabilities [30][31]. Summary by Sections Industry Strategy Overview - The telecommunications index rose by 13.00% during the week, while the CSI 300 index increased by 15.70%, indicating that the telecommunications sector underperformed the broader market by 2.70 percentage points [10]. - The report suggests a continued focus on investment opportunities in the AR industry and automotive intelligence sectors [3][6]. Key Developments - Meta's Connect 2024 conference showcased the Quest 3S headset, priced at approximately 2110 RMB for the 128GB version, and the Orion AR glasses, which have a production cost of around 70,000 RMB [15][23]. - The report notes that the introduction of Robotaxi is set for October 11, 2024, with expectations for significant advancements in Tesla's FSD technology [30][31]. Market Dynamics - The report discusses the rapid growth of 5G users and the expansion of high-speed internet access, with 5G mobile phone users reaching 966 million, accounting for 54.3% of total mobile users [37]. - The telecommunications industry is experiencing a shift towards new business models, with emerging services like cloud computing and IoT contributing to revenue growth [37].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating an expectation for the sector to perform better than the market in the next six months [1]. Core Views - The market sentiment remains optimistic due to policy stimuli, stable exchange rates, and expectations of interest rate cuts in the US, which are expected to positively influence the non-bank financial sector [1][5]. - The report highlights the potential for continued valuation recovery in brokerage firms, particularly in light of recent mergers and acquisitions, such as Guotai Junan's acquisition of Haitong Securities, which exceeded market expectations [1][5]. - The insurance sector is also expected to benefit from cost reduction measures and reforms, with a focus on the long-term interest rate trends and the impact of real estate market recovery on insurance valuations [1][5][6]. Summary by Sections 1. Main Views - The report notes significant increases in major indices, with the CSI 300 Index rising by 15.7% and the brokerage index by 25.6% over the past week [4]. - International geopolitical tensions, such as the Russia-Ukraine conflict and the ongoing Israel-Palestine situation, continue to affect market sentiment [4]. - Domestic policies supporting capital market development have boosted market confidence, leading to increased trading volumes and new account openings among younger investors [4][5]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently undervalued, with key recommendations including China Ping An, which reported a net profit of 74.619 billion yuan for H1 2024, a 6.8% year-on-year increase [7]. - Other recommended companies include China Pacific Insurance and New China Life, with a focus on their improving fundamentals and market positions [7]. 2.2 Brokerage Sector - The report emphasizes the potential of mid-sized brokerage firms benefiting from market activity, recommending companies like East Money and Zhejiang Securities [10]. - It also highlights the importance of leading brokerage firms with diversified revenue structures, such as Huatai Securities and China Galaxy Securities, which are expected to see valuation recovery [10]. - Platform companies like Tonghuashun and Wealth Trend are also mentioned, with a focus on their operational stability and market positioning [10].

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report highlights that the fundamental conditions of the economy remain unchanged, with strong resilience and potential [1][14] - A large-scale equipment update is expected across 27 key industrial sectors, including engineering machinery, which will focus on intelligent upgrades and cost reductions by 2027 [1][15] - The rental index for aerial work platforms showed a slight decline, with a year-on-year decrease of 11.93% in August 2024 [1][16] Summary by Sections Market Review - During the week of September 23-27, 2024, the ChiNext Index rose by 22.71%, while the CSI 300 Index increased by 15.70%. The mechanical equipment sector (Shenwan) saw a rise of 13.53%, underperforming the CSI 300 by 2.17 percentage points [6][9] - As of September 27, 2024, the price-to-earnings ratio for the Shenwan mechanical equipment sector was 26.55 times [6] Industry and Company Insights - The Central Committee of the Communist Party of China held a meeting on September 26, 2024, to analyze the current economic situation and emphasized the need for targeted and effective policy measures [1][14] - The Ministry of Industry and Information Technology released guidelines for equipment updates in key industrial sectors, including engineering machinery, focusing on intelligent upgrades and cost efficiency [1][15] - The rental rate index for aerial work platforms in August 2024 was 642 points, reflecting a slight decline compared to the previous month and a significant year-on-year drop [1][16] Key Data Tracking - The report includes various macro and micro data tracking, such as the performance of cyclical assets and automation equipment [20][43]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report highlights that the fundamental conditions of the economy remain favorable, with strong resilience and potential, despite some emerging challenges [1][14] - A significant equipment update is expected across 27 key industrial sectors, including engineering machinery, which will focus on upgrading production and manufacturing equipment to enhance efficiency and reduce costs by 2027 [1][15] - The rental index for lifting platforms showed a slight decline, with a year-on-year decrease of 11.93% in August 2024, indicating a challenging rental market [1][16] Summary by Sections Market Review - During the week of September 23-27, 2024, the ChiNext Index rose by 22.71%, while the CSI 300 Index increased by 15.70%. The mechanical equipment sector (Shenwan) saw a gain of 13.53%, underperforming the CSI 300 by 2.17 percentage points [6][11] - As of September 27, 2024, the price-to-earnings ratio for the Shenwan mechanical equipment sector was 26.55 times [6] Industry and Company Insights - The Central Political Bureau of the Communist Party of China held a meeting on September 26, 2024, to analyze the current economic situation and emphasized the need for effective policy implementation to achieve economic goals [1][14] - The Ministry of Industry and Information Technology released guidelines for equipment updates in key industrial sectors, focusing on smart upgrades in engineering machinery [1][15] - The lifting platform rental market showed mixed results, with a notable decline in rental rates for various models, particularly those over 40m [1][16] Key Data Tracking - The report includes macroeconomic data and industry-specific metrics, tracking the performance of cyclical assets, automation equipment, and new energy devices [20][43]

Investment Rating - The industry rating is "Outperform the Market" [1] Core Views - The report expresses optimism for the undervalued non-bank financial sector, driven by recent policy measures, stable exchange rates, and positive expectations regarding U.S. interest rate cuts. The report highlights the significant increase in trading volume and suggests that the narrowing of the China-U.S. interest rate differential may trigger further gains in the securities market [1][8] - The insurance sector is expected to benefit from market uptrends, with valuations likely to recover further. The report emphasizes the importance of monitoring life insurance reforms, fundamental recovery, and real estate sales [9][10] - The report recommends focusing on specific stocks within the brokerage and insurance sectors, including China Galaxy Securities, Zhejiang Securities, and Ping An Insurance, among others [1][9] Summary by Sections 1. Main Points - The report notes that from September 23 to September 27, the CSI 300 Index rose by 15.7%, the insurance index increased by 17.69%, the brokerage index surged by 25.60%, and the diversified financial index grew by 24.93% [6] - Recent domestic policies aimed at supporting capital market development have been introduced, including a reduction in the reserve requirement ratio and measures to promote long-term capital inflow [7][8] 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently at a historically low valuation, presenting an opportunity for valuation recovery. Recommended stocks include Ping An Insurance, China Pacific Insurance, and New China Life Insurance, with Ping An reporting a net profit of 74.619 billion yuan for H1 2024, a 6.8% year-on-year increase [10] 2.2 Brokerage Sector - The report highlights the potential of mid-sized brokerage firms benefiting from market conditions, recommending stocks like East Money and Zhejiang Securities. It also suggests focusing on leading brokerage firms with diversified revenue structures, such as Huatai Securities and China Securities, which are currently undervalued [10]

Investment Rating - The industry investment rating is "Outperform the Market" [3][52]. Core Viewpoints - The report highlights a significant increase in renewable energy installations, with a total of 174 GW added in August 2024, and a notable growth in urban and rural residential electricity consumption by 23.7% [2][4]. - The overall electricity generation from January to August 2024 reached 62,378.8 billion kWh, marking a year-on-year increase of 5.1% [10][26]. - The total installed capacity as of August 2024 was 312,764 MW, reflecting a year-on-year growth of 14.0% [31]. Summary by Sections 1. Electricity Generation - From January to August 2024, the total electricity generation was 62,378.8 billion kWh, up 5.1% year-on-year. Hydropower generation increased by 21.7%, while solar power saw a growth of 26.6% [10][17]. - In August 2024 alone, the total generation was 9,074.2 billion kWh, with hydropower at 1,634.7 billion kWh (10.7% increase) and solar power at 386.12 billion kWh (21.7% increase) [17]. 2. Electricity Consumption - Total electricity consumption from January to August 2024 was 65,619 billion kWh, a 7.9% increase year-on-year. The residential sector saw a 10.9% increase in consumption [26][28]. - In August 2024, the monthly consumption was 9,649 billion kWh, with residential consumption growing by 23.7% [28]. 3. Installed Capacity - As of August 2024, the cumulative installed capacity was 312,764 MW, with solar power leading the growth at 48.8% year-on-year [31]. - The new installed capacity from January to August 2024 was 20,995 MW, with solar power contributing 13,999 MW, representing a 66.67% share of new installations [31][33]. 4. Utilization Hours - The average utilization hours for power generation equipment from January to August 2024 was 2,328 hours, a decrease of 103 hours year-on-year. Hydropower utilization increased by 376 hours to 2,360 hours [34][36]. 5. Investment in Power and Grid - Power construction investment from January to August 2024 reached 497.6 billion yuan, a 5.1% increase year-on-year, while grid investment was 333 billion yuan, up 23.1% [44][46]. - Investment in solar power construction was 190.69 billion yuan, showing a slight decline of 0.32% [46].